Former Federal Reserve Staffer Says Economists at Central Bank Don't Know How Economy Works
By Dr. Jake Baker - TapWires News Service
A former Federal Reserve of Dallas staffer has criticized the powerful central bank. Her contention is that economists employed at the bank have little understanding of the complex inner-workings of the U.S. economy, according to an article in the Wall Street Journal.
Danielle DiMartino Booth was a hired to work as an adviser to former president of the Dallas Fed, Richard Fisher. Surprisingly, Fisher was a critic of the largest wealth transfer in the history of the Stock Market through a fed policy known as quantitative easing – a scheme employed after the manipulated U.S. financial crisis that increased the bank’s balance sheet to well over $4 trillion.
Booth has written Fed Up: An Insider's Take on Why the Federal Reserve Is Bad for America, a book outlining her experience and opinion of the central bank. It will be on sale next Tuesday.
According to the article Booth laments that the Federal Reserve economists use stilted theoretical models to form what passes for monetary policy decisions, which she contends blinded them to the forces at work which created the financial crisis in the first place. To make matters worse, according to Booth, after the crisis they implemented the exact wrong policies to revive the economy. That of course has been borne out by the prolonged stagnant economic growth and joblessness of the “recovery.”
Of Course, if your goal is an historic, illegal, immoral theft of wealth, the plan devised is spot on. Both U.S. bankers and international bankers saw obscene growth in their accumulated wealth on the backs of U.S. taxpayers.
"Global systemic risk has been exponentially amplified by the Fed's actions," Booth says. "Who will pay when this credit bubble bursts? The poor and middle class, not the elites."
Booth points out how the propaganda presses have been busy printing books praising the Fed’s actions following the financial crisis. Of course, the books are often written by the principals who profited from the grand vol or great theft of the cumulative wealth of America’s working class.
"Ms. Booth describes a tribe of slow-moving Fed economists who dismiss those without high-level academic credentials," the article states. "She counts Fed Chairwoman Janet Yellen and former Fed leader Ben Bernanke as chief among them."
For all these reasons and so many more, it is time to not just audit the Fed, it is time to shut it down, try the principals for their crimes both financial and otherwise and drop them into a jail cell in one of the remotest corners of the world.Federal Reserve, Failed Policy, Crimes, Quantitative Easing, Legalized Theft, Economic Modeling